Their online competition, Tangerine Bank has an interest rate of 1.2%, though they often do promotions with new deposits earning a higher interest rate for a few months, then back to 1.2%. You might remember I poked a little fun at Tangerine bugging me to take out an RSP loan at 2.75% interest to invest in an RSP earning 1.25% interest. Oh yeah, there’s a great deal. Sign me up – NOT!

Seriously take a look at your bank accounts and see how much interest you’re making.

My chequeing account earns me zero interest. Yours probably is the same. I get unlimited transactions on my free chequeing account so this is where I keep my money for all my daily expenses. Unfortunately that means I keep more money in there than I should.

My savings accounts get me 2 transactions a month and earn a whopping 0.75% a month interest at Coast Capital.

We need to be smart with our money, ladies. Let our money work for us. Are your savings accounts just kicking around as your emergency fund, saving for a specific goal like a car or vacation? Or just a place to keep your money to earn a little interest until you transfer it back to your chequeing account when you need to pay the rent or go grocery shopping?

I sat back and looked at my savings accounts. One is sort of an emergency fund. Nothing happens with it. I don’t put money in or out. If it’s just sitting around is it better to earn 0.75% interest or 2.3% interest?

Then there’s my vacation fund. Currently sitting at just over $2400 by the way – woo hoo me! It also sucks to be me because I haven’t decided where to go on vacation and spend it. I’m kind of kicking around going back to the Oregon Coast, but no solid plans yet. I add money to this account every month, but only about once a year to I take money out. Is my vacation fund a good choice to keep at EQ Bank and earn 2.3% interest? You bet it is!

There’s my savings account for next year’s TFSA. Every month I add another $500. Is this a good choice to keep in my EQ Bank and earn 2.3% interest instead of 0.75%? You got it!

I’m really happy about my decision to move money over to EQ Bank and earn a higher interest. I don’t have to spend a lot of time thinking about this bank account except once a month when I transfer money in.

If you’ve been thinking about signing up for a savings account with EQ Bank, act now! If you sign up by July 8, 2019 and use referral code BV485513501PUV, you will get a $25 bonus. I will also get a $25 bonus!

EQ Bank will then send a couple of small deposits, pennies, over to your bank account. When that happens, you take the next step by verifying the amount of deposit 1 and 2. It took less than one week for my account to be active.

When you transfer money to EQ Bank, you do it from their website. The good news is you immediately start earning 2.3% interest on the amount of money you’ve scheduled to transfer! The transfer process takes a few days and EQ Bank holds the funds until they’re verified.

You can open several different savings accounts. For example, I have 3 under my account number, two of them being for the above mentioned TFSA and vacation savings.